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12 U.S.C. § 200Payment

submitted 140 years ago by ch. 28 to r/title-12-BANKS-AND-BANKING · 128 words · no verdicts yet

in plain englishAI-generated · not legal advice

Once a request is approved, the Comptroller of the Currency may draw money from the bank's trust fund. That money can only be used for the approved purpose and amount. The Secretary of the Treasury must approve how and when payments are made.

This section continues from the request-and-approval process described earlier in the law. Once a request has been allowed, as described before, the Comptroller of the Currency is empowered to draw money from a trust fund that has been deposited with the Treasurer of the United States for the benefit of the bank involved. The Comptroller can only draw the amount that was recommended and allowed, and only for the purpose that allowance was made for. There is one condition: all payments made toward buying any property under that allowance must be made directly by the Comptroller of the Currency, with the Secretary of the Treasury's approval. The payments can only be used for that specific purpose, and only in whatever manner the Comptroller decides and orders.
the actual law source: uscode.house.gov ↗public domain

Whenever any such request shall be allowed as hereinbefore provided, the said Comptroller of the Currency shall be, and is, empowered to draw upon and from such funds of any such trust as may be deposited with the Treasurer of the United States for the benefit of the bank in interest, to the amount as may be recommended and allowed and for the purpose for which such allowance was made: Provided, however, That all payments to be made for or on account of the purchase of any such property and under any such allowance shall be made by the Comptroller of the Currency direct, with the approval of the Secretary of the Treasury, for such purpose only and in such manner as he may determine and order.

Source credit: (Mar. 29, 1886, ch. 28, § 3, 24 Stat. 8.)

history & why it existsrecord from the source credit
  • 1886Enacted · Act of Mar. 29, 1886, ch. 28 · 24 Stat. 8

A history note hasn’t been published yet. The record shows enactment by ch. 28 on 1886-03-29.

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